Russian oil giant’s main Irish division reports loss

Russian state oil giant Rosneft revealed further losses in its main Irish division as it as took steps to update delayed corporate filings in Dublin.

All Irish-registered firms must submit annual accounts to the Companies Registration Office no later than 11 months after the end of their fiscal year but Rosneft International’s filing for 2014 was made only last Friday.

The firm, whose registered office is at Molyneaux House, Bride Street, Dublin 8, incurred a net loss of $22.35 million (€19.62 million) in 2014 after a net loss $22.66 million in 2013. The 2013 annual accounts were filed only in February.

The company’s Irish representative did not respond last evening to an emailed question about the accounts.

EU sanctions

Rosneft International’s parent is OJSC Rosneft Oil Company, whose chief executive Igor Sechin is a close ally of president Vladimir Putin. The US and the EU have imposed sanctions on Rosneft, the world’s biggest oil producer by output, over the Kremlin’s interference in Ukraine.

Last week the Rosneft parent group reported a 2 per cent rise in its 2015 net profit to 355 billion roubles (€4.52 billion). Given the steep decline in the price of oil, the development calmed concern about the financial position of the heavily indebted group.

Rosneft International borrows money for Rosneft’s subsidiaries and affiliates and lends to them. Loans from the parent to the Dublin unit rose in 2014 to $354.6 million from $249.48 million the previous year.

The Irish unit has two directors, John Griffin of Limerick and Nikita Tolstikov of Moscow.